TE Connectivity to Join S&P 500
NEW YORK (TheStreet) -- TE Connectivity (TEL) has been tabbed to replace Cephalon (CEPH) in the S&P 500 after the closing of trading on Friday.
In a press release after Tuesday's closing bell, Standard & Poor's announced the plans for the inclusion of TE Connectivity once Cephalon's acquisition by TEVA Pharmaceutical (TEVA) is completed.
Shares of TE Connectivity got a boost in after-hours action, rising nearly 7% to $32.82 on volume of more than 150,000, according to Nasdaq.com. Based on Tuesday's regular session close at $30.69, the stock was up about 1% in the past year, falling more than 20% since hitting a 52-week high of $38.59 in February.
Joining the S&P 500 though assures new buyers as fund managers looking to mirror the performance of the index will need to own the stock. The Switzerland-based maker of electronic components, such as switches and sensors, as well as networking equipment is expected to report its fiscal fourth-quarter results on Oct. 24.
The current average estimate of analysts polled by Thomson Reuters is for TE Connectivity to report earnings of 86 cents a share on revenue of $3.93 billion in the September-ended period. TEVA agreed to acquire Cephalon back in May in a cash deal worth more than $6 billion. The transaction received conditional approval from U.S. antitrust authorities last Friday. --Written by Michael Baron in New York.>To contact the writer of this article, click here: Michael Baron. >To submit a news tip, send an email to: tips@thestreet.com
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